A Federal High Court in Lagos has granted a former chairman of the Independent National Electoral Commission (INEC), Prof. Maurice Iwu, bail in the sum of N1 billion.
Justice Chuka Obiozor granted Iwu bail on Friday.
Iwu was arraigned on Thursday on a four-count charge of concealment, fraud and money laundering of N1.2 billion.
The former INEC chair denied the charges.
Iwu was remanded in EFCC custody till the hearing of his bail application on Friday.
EFCC alleged that Iwu aided the concealment of the sum of N1, 203,000,000 between December 2014 and March 2015.
The sum was said to be in the bank account of Bioresources Institute of Nigeria Limited and domiciled in the United Bank for Africa, UBA Plc.
Iwu is said to have been involved in the N23.29 billion poll bribery scandal allegedly shared by former petroleum minister, Diezani Alison-Madueke, to influence the outcome of the 2015 presidential elections.